Cammeby’s International signs $13.2M refi for 90-unit rental in Kew Gardens
Cammeby’s International Group through the entity 83-15 Lefferts House Owner LLC as borrower signed a refi loan with lender Capital One valued at $13.2 million for the 90-unit residential elevator building (D1) at 83-15 Lefferts Boulevard in Kew Gardens, Queens.
The deal closed on March 29, 2023 and was recorded on April 14, 2023. The prior lender was Capital One which held debt that had an original loan amount of $12.5 million. The property has 107,700 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $122 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on June 27, 2018, for $22.7 million. The signatory for Cammeby’s International Group was Eli Schron. The signatory for Capital One was Lindsey Javery.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Avi Schron, head officer and Gedaliah Schron, agent. The business entities are 83-15 Lefferts House Owner Llc and 83-15 Lefferts House Owners.
The property
The residential elevator building with 90 residential units in Kew Gardens has 107,700 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 210 feet deep with a total lot size of 28,799 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $8.7 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation and two housing violations in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of four of the 14 commercial properties representing 121,351 square feet of the 175,389 square feet. The largest owner is Gandolfo Difiore, followed by Daniel Group and then Cammeby’s International Group.
On the tax block, there was one new building construction project filed totaling 3,330 square feet. It is a two-unit, 3,330 square-foot residential (R-3) building submitted by Gabriel Rafailov with plans filed October 11, 2018 and it has not been permitted yet.
The majority, or 61 percent of the 175,389 square feet of built space are elevator buildings, with walkup buildings next occupying 34 percent of the space.
The borrower
The PincusCo database currently indicates that Cammeby’s International Group owned at least 118 commercial properties with 16,278 residential units in New York City with 16,034,270 square feet. Within the portfolio, the bulk, or 69 percent of the 16,034,270 square feet of built space are elevator properties, with walkup properties next occupying 23 percent of the space. The bulk, or 54 percent of the built space, is in Queens, with Brooklyn next at 30 percent of the space.
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